{"id":33579,"date":"2020-12-17T19:44:44","date_gmt":"2020-12-17T19:44:44","guid":{"rendered":"https:\/\/www.africa-press.com\/nigeria\/?p=33579"},"modified":"2020-12-17T19:44:44","modified_gmt":"2020-12-17T19:44:44","slug":"naira-depreciates-across-forex-markets-as-external-reserves-shed-838m-in-six-weeks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-markets-as-external-reserves-shed-838m-in-six-weeks","title":{"rendered":"Naira depreciates across forex markets, as external reserves shed $838m in six weeks"},"content":{"rendered":"

Africa-Press<\/a> – Nigeria<\/a>. <\/strong><\/span>Naira weakened marginally against the dollar on the black market on Wednesday, falling by N1 or 0.21% to N476, data from abokiFX, an exchange rate tracking website, showed.<\/p>\n

The U.S. currency had exchanged for N475 on Tuesday.<\/p>\n

Nigeria\u2019s external reserves had fallen by $838 million or 2.35% to $34.851 billion in the six weeks to 14th December, weakening the central bank\u2019s ability to intervene in the foreign exchange market.<\/p>\n

Meanwhile, on the spot market also called the Investors and Exporters (I&E) forex window, naira depreciated by 67 kobo or 0.17%, changing hands at N394.67 to a dollar. That leaves the gap between the exchange rates of the two markets at N81.33 or 20.61%.<\/p>\n

Yet, traders have been thronging the parallel market where dollar is much more expensive because the quantity available at the spot market is grossly inadequate to meet their demand.<\/p>\n

Naira had closed at N394 at the Tuesday session.<\/p>\n

Turnover at the I&E forex window rose by 78.7% to $200.34 million from $112.08 million.<\/p>\n

Naira reached an intraday low of N407.68 to a dollar and hit a high of N388 before closing at N394.67.<\/p>\n

Last week, the average daily forex sale was around $169.93 million, signalling a significant rise from the $34.5 million reported in the week before. However, the apex bank\u2019s interventions in the market have failed to stop naira from weakening.<\/p>\n

On Tuesday, the Nigerian government got approval for a $1.5 billion loan facility from World Bank, which is anticipated to shore up the country\u2019s fast depleting foreign exchange reserves.<\/p>\n

Opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Naira weakened marginally against the dollar on the black market on Wednesday, falling by N1 or 0.21% to N476, data from abokiFX, an exchange rate tracking website, showed. The U.S. currency had exchanged for N475 on Tuesday. Nigeria\u2019s external reserves had fallen by $838 million or 2.35% to $34.851 billion in the […]<\/p>\n","protected":false},"author":84,"featured_media":33578,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28,26],"tags":[1570,1621,1623,254],"class_list":["post-33579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-dollar","tag-naira","tag-nigeria"],"yoast_head":"\nNaira depreciates across forex markets, as external reserves shed $838m in six weeks - Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/naira-depreciates-across-forex-markets-as-external-reserves-shed-838m-in-six-weeks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira depreciates across forex markets, as external reserves shed $838m in six weeks\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Nigeria. Naira weakened marginally against the dollar on the black market on Wednesday, falling by N1 or 0.21% to N476, data from abokiFX, an exchange rate tracking website, showed. The U.S. currency had exchanged for N475 on Tuesday. 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